Decline in December for Germany, Europe's strongest exporter

Germany's exports fell by 4.6 percent on a monthly basis in December, exceeding expectations due to a decrease in global demand.

The Federal Statistical Office of Germany (Destatis) released foreign trade data for December 2023.

According to the data, seasonally and calendar-adjusted exports in Germany decreased by 4.6 percent in December on both a monthly and annual basis, reaching 125.3 billion euros.

BOTH IMPORTS AND EXPORTS DECREASED

Market expectations were for a 2 percent monthly decline in exports in December. The announced export data revealed a sharper decline than expected.

Germany's annual exports in 2023 fell by 1.4 percent compared to the previous year, dropping to 1 trillion 562.1 billion euros.

Imports in December decreased by 6.7 percent monthly and 12.4 percent annually, totaling 103.1 billion euros.

Germany's total imports for 2023 decreased by 9.7 percent compared to the previous year, amounting to 1 trillion 352.5 billion euros.

Thus, Germany's seasonally and calendar-adjusted foreign trade surplus was 22.2 billion euros in December and 209.6 billion euros for the whole of 2023.

The decline in exports was primarily caused by the downturn in global trade.

While China is the world's largest exporter, the US ranks second, and Germany ranks third. Germany is the leader of the European Union and ranks third in the world.

News Source: AA